It seems that every time I set out to write about topics other than donor-advised funds, fresh news explodes on the scene that requires my attention, and yours. This week it’s the astounding – but not at all surprising – announcement by the Chronicle of Philanthropy that six of the ten top fundraising organizations in the nonprofit world in 2016 were donor-advised fund sponsors.
Five of those organizations – Fidelity Charitable (#1 on the list for the second year in a row), Schwab (#6), National Christian Foundation (#8), Silicon Valley Community Foundation (#9), and Vanguard Charitable (#10) were among the eleven top fundraisers the year before. The newcomer at the top of the charts, bursting onto the scene at number three, with a jaw-dropping one-year increase in donations of 450%, was the Goldman Sachs Philanthropy Fund, which brought in over $3.1 billion.
That Goldman Sachs, the corporate embodiment of Wall Street avarice and power, should appear on the list of top charitable fundraisers is not surprising to those of us following this story: there’s money to be made in donor-advised funds, and if the folks at Goldman Sachs know one thing, it’s how to turn a profit. It’s only surprising that it took them this long. Continue reading